New Delhi, April 28 -- A cautiously hopeful tone prevails in the stock market as March quarter earnings trickle in. Initial earnings suggest that companies emerged from a demand contraction in the quarter, though the recovery remains muted.

This indicates that consumer spending is yet to pick up meaningfully, after a tepid third quarter. Extreme global uncertainty in the last three months depressed exports and hurt businesses, experts noted.

A Mint analysis of the first 184 companies that have declared their results shows only a 1.4% year-on-year increase in revenue. That fares marginally better than the 0.3% drop they reported in the December quarter. Sequentially, revenue rose around 8%, but on a low base.







"After a disappointin...